The holidays came early for NYC-based oral healthcare firm quip: today, the company announced it had raised a $40 million venture round, bringing quip’s funding total to over $60 million.
The $40 million round was led by existing investor Sherpa Capital. Triplepoint Capital also participated in the round in the form of debt financing. The new funds will make an immediate impact as quip expands both its physical product range as well as its professional care services.
...I built quip with the vision to create a full-service oral care platform that serves every oral care need.”
“We are impressed by how quickly the team has been able to reach over 1 million consumers, and how [CEO and co-founder] Simon Enever is leveraging his design mindset beyond just physical products to architect a completely new end-to-end oral care experience for both consumers and dental providers,” said Sherpa Capital Partner Brian Yee.
Quip’s latest funding follows a string of successes throughout 2018. Most recently, quip expanded beyond digital sales and introduced its product line at Target stores. Though this partnership began as recently as October, the company is already feeling the ripple of success.
In addition to quip’s expansion into brick-and-mortar retail, the company also made its first acquisition this year, with its purchase of Afora, a dental health plan based in New York state. With Afora on its side, quip has accelerated the development of its own, affordable dental health plan. Afora is also the first company to join quip Labs, a proprietary venture studio dedicated to pushing the envelope of oral healthcare innovation.
“My co-founder Bill May and I built quip with the vision to create a full-service oral care platform that serves every oral care need,” said Enever. “We’ve been working closely with our full time dental professional staff and ever-expanding provider network to make the full range of dental products and professional care services more simple, accessible and enjoyable to more people.”
Though 2018 may be ending on a high note at quip, don’t expect the company to rest on its laurels. The latest funding is already kickstarting a new year of expansion. As Enever put it, “Our momentum is extremely strong, and this additional funding will allow us to further scale the business while investing more into growing our operations and talented team.”